Conman Flees Overseas With Investors' Money, Raising $40 Million For Bogus Hedge Fund

Getty Images. Dubai, where Varoujan fled to.

An Australian conman has fled overseas with more than $40 million of investors’ money which was thought to be have been invested in gold mines and bullion.

News Limited reports John Varoujan, whose real name is Varoujan Yaghldjian, set up the Gold Hedge Royalty Corporation after convincing investors he worked for the royal family in Dubai.

Once the chairman of the Armenian Chamber of Commerce in Sydney, Varoujan dazzled at least 70 Australian investors with luxury cruisers and business meetings in Paris, London and Geneva.

According to The Herald Sun, The Australian Securities and Investments Commission is investigating Varoujan’s scheme and has already cancelled his financial services licence and taken down his website.

It is believed Varoujan’s current whereabouts in unknown, with even his wife Eloise saying, “I want to know where he is too. I haven’t had contact for the last four years”.

Police are encouraging anyone who believes they have been a victim of fraud to report the matter to their local police.

Read more here.

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